Sheridan Inc. shows a balance of $507,950 in the Accounts Receivable account on December 31, 2023. The balance consists of the
following:
installment accounts due in 2024
installment accounts due after 2024
Overpayments to creditors
Due from regular customers, of which $40,000 represents accounts pledged as security for a bank loan
Advances to employees
Advance to subsidiary company (made in 2018)
$89,500
75,000
12,640
160,000
69,810
101,000
$507,950
Show how the information above should be presented on the statement of financial position of Sheridan at December 31, 2023.
Sheridan Inc.
Statement of Financial Position
December 31, 2023